USD/CHF ready to resume the up move? – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, assesses the recent performance in the pair.

Key Quotes

“USD/CHF saw a strong recovery as the end of last week. It is possible that the recent minor dip lower is all that we are going to see and it is ready to resume its up move. However it will need to regain 1.0000 on a closing basis to confirm. We also note the 13 count on the daily chart and the TD resistance at 1.0157. We are unable to rule out a near term dip lower to the .9915/.9850 band. It will find additional support at the .9956 9 th October high and the 55 day ma at .9846”.

“Below the 55 day ma alleviates immediate upside pressure for a slide back to the 200 day ma at .9785. Dips will find minor support at .9785, .9642 ahead of .9524”.